Gold retreated as investors' desire for the perceived safety of the metal continued to wane, trumping optimism that the International Monetary Fund found a buyer for more than $400 million of the shiny commodity. Gold ended as a down week at current 18864. We achieved a fresh high this week at 19200 but the lower close suggests we may not reach 19250 target on this run. Gold had moved up 5 weeks in a row off 17700 until the momentum ran out this week. Now support for the gold MCX is seen at 18788 and below could see a test of 18712. Resistance is now likely to be seen at 18955, a move above could see prices testing 19046.

Trading Ideas:

Gold trading range is 18712-19046.

Gold falters amid shriveled safety demand

On MCX gold looks to take support at 18790 and resistance at 18955 level

Spdr gold trust holdings fell by 0.91 tonnes to 1293.53 tonnes